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Sydney, Feb 10, 2011 (ABN Newswire) - We have been bullish oil since below US$40, and our US$145 target for next year remains in place says Herston Economics' Clifford Bennett. The recent selling of oil on the basis that things will calm down in Egypt, the Saudi's will pump more oil, and higher US reserve levels, all miss the two most important points. China and India will add millions of vehicles this year and there are indications global oil production is about to hit peak level beyond which it cannot go.

There are physical constraints to how much oil can be produced on a daily basis, but no limit to how many motor vehicles are going to be put on the world's new roads. Oil is tremendously cheap at current levels, says Clifford Bennett.

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http://www.abnnewswire.net/multimedia/en/65193/Clifford-Bennett

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Clifford Bennett
Herston Economics
Email: clifford@herstoneconomics.com
http://www.herstoneconomics.com

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